Financial Audit Services
Accredited Financial Auditors in Weston-super-Mare, Somerset
In addition to being the leading team of accountants in Weston-super-Mare, we are also accredited to perform financial audits for your business. Whilst the majority of our financial audit clients are based in the South West, we work with companies across the UK.
Our accredited auditors will check that your accounts are fully compliant with statutory requirements with minimum disruption to your business.
What is a financial audit and why should you have one?
Performed by a registered external auditor, the purpose of a financial audit is to provide an unbiased insight into the financial position of a business.
During an external financial audit the auditor will check that financial statements are represented accurately and in their entirety, without any misstatements or errors. The auditor will also perform a detailed review of a company’s accounting systems and systems of control.
Financial audits are required by law under certain circumstances, which we will discuss below, however even when not a legal requirement, there are plenty of reasons why a business could benefit from a financial audit;
- A financial audit report provides a professionally documented statement which supports a business’s financial position and could be used as the basis for future finance or mortgage applications.
- A financial audit will provide peace of mind that your accounts are in full compliance with statutory requirements.
- A financial audit requires a detailed understanding of the business and its processes. Such knowledge can present the opportunity to provide proactive business advice on many matters.
- The possibility of fraud can be reduced. An external financial audit can act as a deterrent to any potential fraudster.
Who is required to have a financial audit?
For accounting periods starting on or after 1st January 2016 a statutory audit is required when two of the following company audit thresholds have been met;
- annual turnover of more than £10.2 million
- assets worth more than £5.1 million
- 50 or more employees
You are also required by law to have a statutory audit if;
- You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)
- You are required by your professional or trade organisation to have your accounts audited
- Your shareholders do not agree to opting out of the audit
Read our Financial Audit Preparation Checklist.
Our financial auditing services
Our financial auditing services are available at our clients convenience. Each client is assigned a dedicated auditor to work with and we will conduct the audit from your premises, or in some instances, remotely through the use of modern technology.
Our core auditing services include;
- Statutory Audits
- Internal Audits
- Due Diligence
- Minimising Fraud Exposure
- Specialist Audits
Specialist Audits
Our specialist audit services include;
- MiFID Audits for FCA regulated businesses
- SRA Client Money Audits
- Charity Audits
- Grant Monitoring Reviews
Find out more
To discuss your requirements in more detail, you can call our team on 01934 412097, email or complete the form on our contact page and we’ll be in touch shortly.
Here are some more resources that you might find useful;
Accountant or Auditor, what’s the difference?
Financial Audit Preparation Checklist
Other Accountancy Services
We offer a comprehensive range of accountancy services for businesses and individual clients. Click the links below to find out more.
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